Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-3331'>China Water Affairs</a></li><li><a href='#lucror-entity-26970'>Meituan</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Water AffairsMeituan

Morning Views Asia: China Water Affairs, Meituan

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-3331'>China Water Affairs</a></li><li><a href='#lucror-entity-20582'>Health And Happiness (H&H)</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Water AffairsHealth And Happiness (H&H)

Morning Views Asia: China Water Affairs, Health And Happiness (H&H)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a> continues to make steady progress in satisfying the precondition for its HK$4.90 privatisation offer for <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>. </li>
<li>Two of the five preconditions are satisfied, and another will be satisfied by 20 January. The long stop date of 17 July provides ample time to satisfy the remaining two. </li>
<li>Although the peers have materially re-rated, the offer implies a premium compared to peer multiples. Vote risk remains low, aided by selling by a shareholder with a blocking stake. </li>
</ul>



Grandblue Environment Co A (600323 CH) continues to make steady progress in satisfying the precondition for its HK$4.90 privatisation offer for Canvest Environmental Protection Group (1381 HK). 
Two of the five preconditions are satisfied, and another will be satisfied by 20 January. The long stop date of 17 July provides ample time to satisfy the remaining two. 
Although the peers have materially re-rated, the offer implies a premium compared to peer multiples. Vote risk remains low, aided by selling by a shareholder with a blocking stake. 


Canvest (1381 HK): Attractive Spread with Steady Progress in Precondition Satisfaction

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Shui On Land, Rakuten Group, Vedanta Resources</li>
<li>In the US, the November ISM manufacturing index came in above estimates at 48.4 (47.5 e / 46.5 p). The prices paid component fell to 50.3 (55.2 e / 54.8 p), while the new orders component rose to 50.4 (48.0 e / 47.1 p).</li>
<li>Separately, the November (final) US manufacturing PMI climbed to 49.7 (47.3 p), above the preliminary estimate of 48.8.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Shui On Land, Rakuten Group, Vedanta Resources
In the US, the November ISM manufacturing index came in above estimates at 48.4 (47.5 e / 46.5 p). The prices paid component fell to 50.3 (55.2 e / 54.8 p), while the new orders component rose to 50.4 (48.0 e / 47.1 p).
Separately, the November (final) US manufacturing PMI climbed to 49.7 (47.3 p), above the preliminary estimate of 48.8.


Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

Hong Kong

China Water Affairs Group Limited, through its subsidiaries, supplies city water and sewage treatment.  The Company supplies raw water and tap water, treats sewage, constructs water supply pipe networks, and installs water meters.

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China Water Affairs (855 HK)

Morning Views Asia: China Water Affairs, Meituan

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Morning Views Asia: China Water Affairs, Health And Happiness (H&H)

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Canvest (1381 HK): Attractive Spread with Steady Progress in Precondition Satisfaction

The steady progress suggests that the precondition will be satisfied well before the long stop date. Despite peer re-rating, vote risk remains low....

Arun George

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Shui On Land, Rakuten...

Lucror Analytics

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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